Burgundy has reported Verizon to Sweden's competition authority, with the Nordic multilateral trading facility claiming it has been blocked from using the US firm's network infrastructure, according to the Financial Times.
Bank-owned Burgundy says that by not letting it colocate in its data centre, Verizon is "choosing sides" in trading, favouring rival provider Nasdaq OMX. Nasdaq OMX uses Verizon's data centre near Stockholm. Most banks and brokers in the country use the same facility, enabling them to connect directly to the exchange operator's platform. Burgundy chief executive Olof Neiglick said that, in contrast, his platform has been forced to use a data centre five kilometres away, "an eternity" in high-frequency trading.